UTWO vs. SLV

Last updated Jun 24, 2026

UTWO (US Treasury 2 Year Note ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, UTWO returned 3.85%/yr vs 39.38%/yr for SLV. At a 0.22 correlation, their price movements are largely independent. UTWO charges 0.15%/yr vs 0.50%/yr for SLV.

Performance

UTWO vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 2 Year Note ETF (UTWO) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWO achieves a 0.33% return, which is significantly higher than SLV's -13.49% return.

UTWO

• 1D: 0.09%
• 1M: 0.15%
• YTD: 0.33%
• 6M: 0.51%
• 1Y: 2.73%
• 3Y*: 3.85%
• 5Y*: —
• 10Y*: —

SLV

• 1D: -5.40%
• 1M: -18.48%
• YTD: -13.49%
• 6M: -14.05%
• 1Y: 69.08%
• 3Y*: 39.38%
• 5Y*: 18.31%
• 10Y*: 12.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UTWO vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTWO US Treasury 2 Year Note ETF	0.33%	4.79%	3.71%	3.45%	-0.84%
SLV iShares Silver Trust	-13.49%	144.66%	20.89%	-1.09%	15.71%

Correlation

The correlation between UTWO and SLV is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.22

Return for Risk

UTWO vs. SLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTWO

UTWO Risk / Return Rank: 69
UTWO Sharpe Ratio Rank: 66
UTWO Sortino Ratio Rank: 77
UTWO Omega Ratio Rank: 73
UTWO Calmar Ratio Rank: 65
UTWO Martin Ratio Rank: 63

SLV

SLV Risk / Return Rank: 31
SLV Sharpe Ratio Rank: 33
SLV Sortino Ratio Rank: 29
SLV Omega Ratio Rank: 40
SLV Calmar Ratio Rank: 30
SLV Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTWO vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and iShares Silver Trust (SLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UTWO	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.15	+0.85
Sortino ratio: Return per unit of downside risk	3.16	1.55	+1.62
Omega ratio: Gain probability vs. loss probability	1.40	1.25	+0.15
Calmar ratio: Return relative to maximum drawdown	3.05	1.47	+1.58
Martin ratio: Return relative to average drawdown	10.64	3.16	+7.48

UTWO vs. SLV - Sharpe Ratio Comparison

The current UTWO Sharpe Ratio is 2.00, which is higher than the SLV Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UTWO and SLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTWO vs. SLV - Drawdown Comparison

The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for UTWO and SLV.

Drawdown Indicators

	UTWO	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-2.04%	-76.28%	+74.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-47.23%	+46.33%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	-47.23%	+46.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.23%	—
Current Drawdown Current decline from peak	-0.38%	-47.23%	+46.85%
Average Drawdown Average peak-to-trough decline	-0.48%	-44.65%	+44.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	21.91%	-21.65%

Volatility

UTWO vs. SLV - Volatility Comparison

The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.48%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that UTWO experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWO	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	14.34%	-13.86%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	59.27%	-58.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	60.33%	-58.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	36.59%	-34.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.07%	32.09%	-30.02%

UTWO vs. SLV - Expense Ratio Comparison

UTWO has a 0.15% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

UTWO vs. SLV - Dividend Comparison

UTWO's dividend yield for the trailing twelve months is around 3.50%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%
UTWO US Treasury 2 Year Note ETF	3.50%	3.63%	4.22%	4.39%	1.22%

Frequently Asked Questions

Can I hold both UTWO and SLV in my portfolio?

UTWO and SLV have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTWO or SLV?

SLV has higher volatility (14.34%) compared to UTWO (0.48%). In terms of maximum drawdown, UTWO dropped -2.04% vs SLV's -76.28%.

Which ETF is better, UTWO or SLV?

On 3-year performance, SLV leads with 39.38% vs 3.85% for UTWO. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWO or SLV?

Over the 3-year period, SLV has performed better with a 39.38% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWO or SLV?

UTWO is cheaper with a 0.15% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, UTWO or SLV?

UTWO has the higher dividend yield at 3.50%, compared with 0.00% for SLV.

What is the main difference between UTWO and SLV?

UTWO is categorized as Government Bonds, while SLV is Silver. UTWO tracks ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while SLV tracks LBMA Silver Price. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for UTWO and 0.50% for SLV.

Which has better risk-adjusted returns?

UTWO currently has the higher Sharpe Ratio (2.00 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.